Spring field work gets boost as farmers seek budgetary loans

Spring field work gets boost as farmers seek budgetary loans
The Agrarian Credit Corporation announced that the government of Kazakhstan is providing budget financing to support spring agricultural operations. 
In 2023, a total of 140 billion tenge was allocated under the Ken Dala Program for spring field and harvesting work. Just nine days after the start of accepting loan applications, 1,211 applications worth 48 billion tenge have been received, with another 668 farmers in the process of gathering necessary documents.
The credit partnerships have issued loans worth 5.8 billion tenge, while farmers received 800 million tenge from microfinance organizations. This year, the Agrarian Credit Corporation has streamlined the loan process by transferring financing to financial institutions such as second-tier banks, CTs, and MFIs for quicker and easier loan access.
The loans are intended for the purchase of fuel and lubricants, spare parts for agricultural machinery repair, mineral fertilizers, plant protection products, seeds, and other activities related to sowing and harvesting.
Financing is available only through credit partnerships, second-tier banks, and microfinance organizations. The interest rate for agricultural businesses will not exceed 5% per annum.
It is noteworthy that the loan period has been extended until next spring, whereas previously the loan period was restricted to the year of financing.
For the first time, funding has been made available to the southern regions in December, rather than in April, as it was in previous years. Furthermore, the amount of funding per hectare has increased by an average of 25%.
For more information on lending, visit the branches of the Agrarian Credit Corporation or their website www.agrocredit.kz.

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